Inquirer
Philippine peso suffers worst fall in 29 months
The Philippine peso depreciated anew, closing at P58.32 against the US dollar, marking its weakest finish in five months.
The US dollar strengthened due to strong US economic data and hawkish comments from the Federal Reserve, which held interest rates steady.
This development led the local currency to shed 74 centavos from its previous day's close of P57.58.
Economists also cited a potential seasonal increase in importation activities during the third quarter as a contributing factor to the peso's decline.
Federal Reserve Chair Jerome Powell offered no clear signal on a potential September interest rate cut, stating that no decisions have been made yet.
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